Bitcoin trading platform Shakepay gets CAD 44 mln in Series A

The new funding brings the company to a CAD 313 million valuation. The raise is led by QED Investors, a US-based venture capital firm that invests in businesses that disrupts and empowers the financial technology industry.

The funding will be used to scale Shakepay’s business and launch new products that make it easier for Canadians to gain access and exposure to the digital economy. With continued participation from Boost VC and BoxOne Ventures, the Series A round also included participation from Golden Ventures, Broadhaven, Henri Machalani, Mike Murchison, Jevon MacDonald, Mark MacLeod, Dan Debow, Farhan Thawar, and several product leaders from Shopify.

With the money raised, Shakepay is focused on bringing additional products to market that help its customers earn, access, and build wealth in Bitcoin, like the Shakepay Visa Prepaid Card, which was launched in December 2021 to a list of 180,000 early access customers across the country. The Shakepay Card is a prepaid card in Canada that offers Bitcoin rewards when spending CAD balance with Visa-accepting merchants. All Bitcoin cashback rewards are settled to a cardholder’s Shakepay Bitcoin balance and will be separate from their Shakepay Card Canadian dollar balance. Customers can top up their card by sending an Interac e-Transfer to their Shakepay account.